KVB Kunlun appoints Wu Fei as exec director
Wu Fei has been appointed as an executive director and general manager of the brokerage.
Hong Kong-focused retail Forex broker KVB Kunlun Financial Group Ltd (HKG:6877) has earlier today announced the appointment of Wu Fei as its executive director and general manager. The appointment is effective from November 5, 2019.
Mr. Wu has a doctor’s degree in International Law of Peking University. He has served as the deputy head of legal and compliance department of CLSA (a subsidiary of CITIC Securities Company Limited) since January 2019 and has been working in compliance department and legal department of CITIC Securities since 2013.
Mr. Wu will enter into a service agreement with KVB Kunlun for a term of three years commencing from the date of his appointment. He will be subject to retirement by rotation and re-election at the annual general meetings of the company in the future. Mr. Wu will be entitled to a director’s fee of HK$240,000 per annum, which was recommended by the Remuneration Committee and determined by the Board with the authorisation given by the Shareholders at the annual general meeting, with reference to prevailing market conditions and his roles and responsibilities in the company.
Let’s recall that, in July this year, Liu Stefan resigned from (i) his position as an executive director and the chief executive officer of KVB Kunlun; and (ii) all of his other positions within the Group with immediate effect.
Mr. Liu stated back then that his resignation reflected his disagreement with other members of the Board in relation to certain disclosure matters relating to the regulatory impact to the company of the circular issued by the regulator in Hong Kong around June 17, 2019 and the letter dated 5 July 2019 issued by the regulator in New Zealand. In particular, the circular from the Securities and Futures Commission (SFC) states that corporations licensed with the Securities and Futures Commission in Hong Kong, and the communication from the Financial Markets Authority of New Zealand provides that financial services providers, offering leveraged foreign exchange trading or similar services to Mainland investors were requested to immediately review the legality of relevant activities in the People’s Republic of China (“PRC”), and to immediately discontinue any such activities with Mainland investors which have not been approved by the State Administration of Foreign Exchange of the PRC.
According to the email from Mr. Liu, the disagreement concerns the proposed publication of an announcement relating to these updates on identification and disengagement of PRC domestic clients.
